SmartRent price target raised to $8 from $5 at Cantor Fitzgerald

Cantor Fitzgerald analyst Brett Knoblauch raised the firm’s price target on SmartRent to $8 from $5 and keeps an Overweight rating on the shares. With a sizable backlog and its largest customers collectively having 6.5m total units, SmartRent CEO Lucas Haldeman expressed confidence that the company can grow revenue by 40%+ annually for multiple years to come, the analyst tells investors in a research note. Community Wi-Fi, which SmartRent just announced on May 10, could add ~$10/unit in monthly recurring revenue, and over the long-term, could be a $500m+ revenue product/year, Cantor Fitzgerald says.